The international arbitration tribunal in London has also rejected Vikram Bakshi's claim that McDonald's India did not validly terminate the JV.
The RBI today told the Delhi High Court that it wants to take a fresh look into the USD 1.17 billion arbitral award granted in favour of Japanese telecom major NTT Docomo for Tata Sons' alleged breach of its agreement.
Experts believe much will depend on whether the court buys RBI's argument that public policy will be hurt by allowing Docomo an exception to its current policy.
The Reserve Bank of India (RBI) today sought to intervene in the ongoing litigation in Delhi High Court between Tata Sons and Japanese telecom major NTT Docomo over the enforcement of a USD 1.17 billion arbitral award in favour of the foreign company.
A division bench of justices Badar Durrez Ahmed and Sanjeev Sachdeva set aside the decision of a single judge bench of December 22, 2014 restraining arbitration proceedings between the two as ordered by the Company Law Board (CLB).
On December 13, Vikram Bakshi had filed an application with the Company Law Board (CLB) challenging McDonald Corporation's decision to terminate its 50:50 JV with Bakshi's firm Connaught Plaza Restaurants (CRPL).